You need to be strongly authenticated to make a payment.
With iBanFirst, you can easily make an FX payment, ie use a currency different from your beneficiary currency to make a payment. An FX payment is made of two separate financial transactions :
- An FX order buy / sell
- A payment
Step 1: Go to Payments and select a beneficiary
Select an existing beneficiary or add a new one by clicking on the "+" icon:
Step 2: Select the account to debit
By default, the account to debit selected is the account in the same currency as the currency of the beneficiary.
Click on Modify to select a different account to debit:
Because you have selected an account in a currency different from the currency of the beneficiary, an FX buy / sell will be made as part of the payment -- we call it an FX payment.
Step 3: Enter the amount and select the currency
Enter the payment amount and currency:
Please note that the payment will always be sent in the beneficiary currency.
If you select the account debit currency as the payment currency, the payment amount will be the counter-value.
For instance, if you want to pay a USD beneficiary from your EUR account, type in 1,000 and select EUR as the payment currency, the amount sent will be the USD counter-value of EUR 1,000 (eg, USD 1,200).
Step 4: Select the date
Select the execution date. FX payments with date equal to or equal to D+3 are treated as forward contracts and require the "Forward payment" module to be activated.
Step 4: Select speed and fees
Available speeds and fees are computed based on iBanFirst international payment expertise as well as your pricing grid.
Learn more about specific speeds and fees by clicking on the "?" icons.
Step 5: Add a communication, beneficiary email address, and internal reference
The communication is the message sent to the beneficiary and that will appear on the beneficiary bank account statements as well as banking platform.
Select "Email beneficiary" if you want the beneficiary to receive an email when the payment is executed.
The internal reference is a reference only visible to you on your iBanFirst platform.
Step 6: Click on Next to get the FX rate and validate the payment
When you click on Next, an FX quote request will be sent. The applicable FX rate as well as the corresponding counter-value will be shown.
The FX rate is retrieved in real-time from the FX market and is refreshed every 10 seconds. The counter-value is refreshed accordingly.
Click on Validate to validate the payment, including the FX buy / sell order. Please be aware that, when you click on Validate, the FX buy / sell order is automatically executed.
You can also click on Modify to modify any of the payment details or Save later to save the payment and validate it later.
Step 7: FX buy / sell order has been executed and payment has been registered
FX buy / sell order has been executed. Payment has been registered and will be executed on the selected execution date.